The prevent the episodes like that of Nirav Modi and Vijay Mallya, Interim finance Minister Piyush Goyal as now moved the fugitive economic offenders bill in Lok Sabha.
It aims to give authorities power to attach and confiscate the proceeds of crime and properties of fraudsters and loan defaulters who flee the country. Both Vijay Mallya and Nirav Modi have fled India.
The bill will replace the Fugitive Economic Offenders Ordinance which was promulgated by the President in April.
Apart from Nirav Modi, who’s said to be involved in a Rs 14,000-crore fraud at Punjab National Bank, and Kingfisher Airlines founder Mallya who owes banks over Rs 9000 crore. Mallya is currently residing in London and is facing Extradition case in London Courts.
The CBI , ED are putting pressure during the hearings in court to get him extradited to India. Mallya in his defence has cited the conditions in Indian jails as why he should not be deported. . MEA has refuted Mallya’s charges and said that those are very jails where British kept Indians locked during the freedom movement.
Besides the duo, it is said that a number of promoters have fled the country before being declared wilful defaulters or accused of swindling money.